Market Conditions In Angel Fire

In a word, tumultuous.

Prices are going up, supply is scarce. The charts linked below give the actual sales numbers in the area for the past ten years. Several investor groups have descended on us and bought up many of the inexpensive lots. Costs increasing, building materials are headed towards New Orleans and south Florida, that pesky Econ 101 concept again--supply/demand. Costs of new construction exceed prices of existing homes.

The average size of homes is increasing as well as the cost per square foot, thus the average cost of a new home is rising. There was a big jump in costs from $145/square foot in 2004 to $183/square foot in 2005 but that settled back to about $169/square foot in 2008. Condos are scarce. Lots inside Angel Fire are scarce. There were only 17 new home permits issued in 2007, and as of August 18, 2008, only 12 new home permits have been issued this year.

Ranches are being bought up. Monte Verde Realty sold three ranches in 2005 totaling $20 million and one in 2006, with several more in the works. There isn't much land left to be had near the National Forest or the Colin Neblett Wildlife Area.

Septic inspections - big change. As of September 1, 2005, the seller of a home must provide a certificate of inspection of the home's septic system at closing. This is not an option, it is a statewide requirement and is being enforced.

In summary: while prices have risen in Angel Fire, we are still inexpensive relative to other resort areas. Look at the numbers in the "Home, Condos, and Land" sales pages below, provided courtesy of Don Borgeson of Monte Verde Realty. Don't let the "days on market" fool you. In a small data base like Angel Fire's, a few undesirable or over-priced properties can skew the numbers. If you have any questions, please feel free to call me at 800-368-0753.